Moderna Inc (MRNA) financials
Moderna revenue and earnings by year
Moderna's revenue was $1.94 billion in the fiscal year to December 31, 2025, down 39.9% from the year before. Net income was -$2.82 billion, -145.2% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 37.8% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 | 3.2 | 6.8 | 19.3 | 18.5 | 0.8 | 0.1 | 0.1 | 0.2 | 0.1 |
| Revenue growth | -39.9% | -52.7% | -64.4% | 4.3% | 2200.2% | 1238.3% | -55.6% | -34.4% | 89.9% | — |
| Gross profit | 1.1 | 1.8 | 2.2 | 13.8 | 15.9 | 0.8 | — | — | — | — |
| Gross margin | 55.3% | 54.8% | 31.5% | 71.9% | 85.8% | 99.0% | — | — | — | — |
| Operating income | -3.1 | -3.9 | -4.2 | 9.4 | 13.3 | -0.8 | -0.5 | -0.4 | -0.3 | -0.2 |
| Operating margin | -158.1% | -121.9% | -61.9% | 48.9% | 72.0% | -95.0% | -910.0% | -306.0% | -130.9% | -206.4% |
| Net income | -2.8 | -3.6 | -4.7 | 8.4 | 12.2 | -0.7 | -0.5 | -0.4 | -0.3 | -0.2 |
| Net margin | -145.2% | -110.0% | -68.8% | 43.4% | 66.1% | -93.0% | -856.7% | -284.8% | -124.3% | -199.5% |
| Diluted EPS | -$7.26 | -$9.28 | -$12.33 | $20.12 | $28.29 | -$1.96 | -$1.54 | -$4.95 | — | — |
| Free cash flow | -2.1 | -4.1 | -3.8 | 4.6 | 13.3 | 2.0 | -0.5 | -0.4 | -0.4 | 0.0 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open MRNA in Markets.
How Moderna makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| COVID 19 | $91.0M | 62.8% |
| St & Ready Manufacturing | $31.0M | 21.4% |
| Collaboration Arrangement Including Arrangements With Affiliate | $15.0M | 10.3% |
| License & Royalty | $3.00M | 2.1% |
| RSV | $3.00M | 2.1% |
| Grant | $2.00M | 1.4% |
See also: MRNA returns
No forecast, no recommendation. This page describes Moderna Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.